Iowa HF2329 sets a flat 3% monthly interest rate on regulated loans and limits service charges on consumer credit transactions.

Iowa HF2329 amends the interest rates and charges on regulated loans and consumer credit transaction service charges. The bill eliminates the superintendent's authority to investigate and redetermine interest rates on regulated loans, setting a flat 3% monthly interest rate for all regulated loans. For consumer credit transactions, the bill limits service charges to the lesser of 10% of the amount financed or $100. The changes take effect on July 1, 2026.

Iowa HF2329 sets a flat 3% monthly interest rate on regulated loans and limits service charges on consumer credit transactions.

Iowa HF2329 amends the interest rates and charges on regulated loans and consumer credit transaction service charges. The bill eliminates the superintendent's authority to investigate and redetermine interest rates on regulated loans, setting a flat 3% monthly interest rate for all regulated loans. For consumer credit transactions, the bill limits service charges to the lesser of 10% of the amount financed or $100. The changes take effect on July 1, 2026.